- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-08-25T15:59:00
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
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The British Business Bank failed to carry out sufficient due diligence when it gave collapsed lender Greensill Capital approval to hand out £350 million (U.S. $465 million) under the government’s pandemic support program, according to a U.K. Parliament report.
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
